Employment Insurance Premium Rate Will Decrease in 2017

On September 14, 2016, the Canada Employment Insurance Commission, the body responsible for monitoring and assessing the Employment Insurance (EI) program, announced that the EI premium rate for 2017 will be $1.63 per $100 of insurable earnings, a decrease from the 2016 rate of $1.88 per $100 of insurable earnings.

The maximum insurable earnings ceiling for 2017 will increase to $51,300 from $50,800 in 2016. In addition to deducting the EI premium rate from insurable earnings to employees, employers are generally required to pay 1.4 times the EI premium rate.

Read the full press release here: http://news.gc.ca/web/article-en.do?nid=1124559.

Prepared by: Kyle Lamothe

Kyle is a partner practicing in the firm’s Toronto office. Kyle’s practice focuses on Canadian tax planning for businesses, individuals, and trusts, with a particular emphasis on owner-managed businesses, cross-border issues, high net worth families, and professionals. He advises on… more »